Expanse VS Bitcoin possible trend reversal
|On the 12th of June, Expanse hit the low at 12.1k satoshis, after which price has consolidated for a little while and today finally broke above the descending channel, suggesting the potential corrective move up.
EXP/BTC clearly closed above the descending channel and the 50 Moving Average at the same time. Now the price is likely to continue moving higher towards the strong resistance at 16.5k satoshis, that is 23.6% Fibonacci retracement level.
This resistance could play the key role in further price development of the Expanse against the Bitcoin. Break above should confirm medium or even long term uptrend. Nevertheless, there will be one more obstacle to overcome, the 61.8% Fibs at 23.6k satoshis.
All-in-all the buying opportunity seems to be there, especially for the long term investors as the risk reward ration is very attractive. This is because break and close below the 12.1k satoshis support would immediately invalidate bullish scenario, therefore limiting the risk to the minimum.
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